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comparison unit-linked life insurance

Aufgrund der seit Jahresbeginn geänderten österreichischen Steuergesetze scheinen fondsgebundene Lebensversicherungen (FLV) für langfristig orientierte Aktienanleger interessanter geworden zu sein. Da ich keine brauchbare Übersicht kenne, I have reluctantly taken the trouble to look through the websites of provider based in Austria.

Below I compare the bids previously, however, a simplified example calculation , the illustrates importance of the charges and other costs:
assumption: single premium in shares 10,000 euros, gross income 7% per annum (pa) from 3% dividend + 2% + 2% real growth and inflation.
The assets after 20 years (in nominal terms, ie without deduction of inflation) is then:

• in direct investment in a fund (ETF ) 29 938 € to capital gains tax (assuming Fund Total cost 0.3% pa, see below wish list item 1; 25% capital gains tax only at maturity), before capital gains tax would be the result of 36 584 €
• at fondsgebunderner life insurance: 23 716 € (assumed charges: 4. % insurance tax + 6% transaction fee, 0.55% pa management fee + 1.5% pa Fund Total cost cf below)
• with cost-effective fondsgebunderner life insurance: 33 013 € (assumed expenses: 4% premium tax + 6% sales charge , keine.Verwaltungsgebühr, 0.3% pa \u200b\u200bfund the total cost) is

In other words, a real Net income (net of inflation, expenses and taxes) of approximately 3.56% per annum in direct investment, but only 2.37% per annum in the FLV with customary charges.

results in the following Wishlist results to providers of unit-linked life insurance:

1. Low expenses particular, the funds, the total expense ratio ( TER = Total Expense Ratio) in any case clearly below 1% pa for Equity Funds and still significantly less for bond funds. By comparison, there are equity funds (ETF s) with a TER of less than 0.2% pa, see for example this German ETF list .
2. flexibility the deposit as well as the possibility of life extension, including the possibility of (as late as possible) Verrrentung.
3. a sufficient range of funds of different asset classes and the possibility, at least occasionally, a free exchange perform.
4. A clear site of agency, where you quickly and easily find factual information.

What I'm not interested: guarantees (who does not want security to invest in shares), active management (which is usually just an excuse to charge higher fees zu können und bringt selten Nutzen für die Anleger), Dachfonds (eine sinnlose Schicht weiterer Spesen), Imagefolder und anderer Werbemüll.

Nun folgt die Liste der Anbieter samt meiner Bemerkungen  Achtung : Folgendes ist natürlich keine Anlageempfehlung. Meine Bemerkungen sind aus der Sicht obiger Wunschliste, dabei selbstverständlich teilweise subjektiv und wohl auch unvollständig. (Es ist aber auch nicht die Aufgabe der Kunden lange nach Sachinformationen suchen zu müssen. Wenn  Spesen und andere wichtige Dinge nicht leicht zu finden sind, dann ist das ein guter Grund diese Anbieter zu meiden. Mein Geld me is too good to invest on a hunch or to let me talk over from sellers before I can obtain basic information.).

• Alliance poor little information, for example, is not clear who will fund in question (all on this list?). But the TER are reasonably easy to find. Additional costs for single premium: 4% premium tax + 6% transaction fee + 0.55% pa management fee (see § 6 ). These figures I have carabines in the example above.
• APK insurance find even less information on the website (example: If the fund buying Ausgabeaufschäge at? If so, how much?). But who knows that Vanguard index funds offered to the S & P500 is pleased tracker on the list of funds noted. Strangely, the best is TER = 0.3% not mentioned on the FAC page, but. I also find no way of example, to elicit charges of the offered money market funds. Other costs, see § 22 .
• Bank Austria insurance Reasonably informative website, a long list of funds , but: I do not TERs and the Funds contain many "house fund" (Pioneer Investments Austria belongs to the bank Unicredit Group)
• Basel Only 6 funds, all have management fee (part of the TER)> 1.4% pa
• Bawag insurance The site is difficult. Only 8 house funds, equity funds management fees are> 1.5% Other expenses here found on page 3.
• Danube insurance expenses / TER I can find nowhere that is Fund Overview unusable.
• 3Banken insurance uninformativste the well site at all providers. [Update: the LA-verses-wonöglich website is even worse.]
• Finance Life Extensive Fund List to find any list of TER. As a sample I have the stock funds with 5 stars viewed : TER 1.76% to 2.61%
• Generali Another useless website..
• Grazer whole three funds of funds and a balanced fund
• Helvetia : The website is quite good, which is fund selection moderate (21 funds), TER is not to find more costs see § 6. .
• mortgage insurance Again, I can not find any useful information.
• Mercury: whole 4 different investments.
• Lower Austrian insurance I take it back, the three-bank insurance policy but not the worst site.
• Nürnberg few dozen funds to choose from, TER can not be found
• Upper Austrian insurance . Another useless website.
• ÖBV : select 12 funds. What? This will not be betrayed.
• Skandia : fund selection over 100 funds, no TER and otherwise little information ..
• S-insurance still a tedious website.
• Tyrolean insurance only 1 fund.
• Uniqa Again, I can not find any useful information.
• Victoria only with a guarantee.
• Vorarlberg insurance 13 (roof) unit, little information, no TER.
• Wr.Städtische few dozen funds, without TER, but the monthly report (Dec.10 ) still contains the management fees of each fund. Curiosity on the side: one side is a fund the ABC the intended to represent " important terms from the world of exchange" - only lack both the terms "tax" and "Capital gains" as well as "fees" and "TER"
• Wüstenrot 5 funds..
• Zurich Again, I find nothing about charges and TER.

Conclusion: It seems only a single supplier (APK) funds with reasonable running costs of the program zuhaben, and even then these costs will not be found on the website.

fund called the Professional tax reform " a gift for insurers " We hope that this gift encourages new entrants to the market, and Investments zu erträglichen Kosten zu ermöglichen. Anbieter die so gierig sind wie der Finanzminister - vgl. Beispielrechnung oben - oder gleich gar keine Informationen zur Verfügung stellen, werden zumindest mit mir kein Geschäft machen .